EQUITIES
The Nigerian equities market commenced the week on a bullish note, as gains in BUACEMENT (+5.3%), TRANSCORP (+7.5%) and DANGCEM (+1.2%) drove the All-Share Index higher by 0.4% to 126,689.54 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at +5.6% and +23.1%, respectively.
The total volume of trades declined by 7.4% to 1.29 billion units, valued at NGN32.20 billion, and exchanged in 39,431 deals. ACCESSCORP was the most traded stock by volume at 138.03 million units, while SEPLAT was the most traded stock by value at NGN5.38 billion.
Sectoral performance was mixed as the Industrial Goods (+2.3%) and Banking (+1.9%) indices closed higher, while the Consumer Goods (-1.7%) and Insurance (-0.4%) indices declined. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (1.2x), as 43 tickers gained relative to 36 losers. NSLTECH (+10.0%) and ABBEYBDS (+10.0%) led the gainers, while RTBRISCOE (-10.0%) and CUTIX (-10.0%) recorded the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.2% to NGN1,528.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 50bps to 32.8%, in the absence of any significant funding pressure on the system.
Proceedings in the Treasury bill secondary market were bearish, as the average yield pared by 1bp to 18.4%. Across the curve, the average yield contracted at the short (-2bps) and mid (-14bps) segments, driven by the demand for the 73DTM (-3bps) and 178DTM (-64bps) bills, respectively, but expanded at the long (+12bps) end, due to sell pressures on the 297DTM (+76bps) bill. Conversely, the average yield contracted by 5bps to 24.6% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a calm note, albeit with a bullish undertone, as the average yield contracted by 1bp to 16.7%.
Across the curve, the average yield contracted at the short (-8bps) end, driven by the demand for the JAN-2026 (-65bps) bond, but expanded at the mid (+5bps) segment, due to sell pressures on the FEB-2031 (+27bps) bond. The average yield remained unchanged at the long end.
